Before we talk about the Startup culture of India, let us first try understanding what exactly a startup is, and how does it function?
What is a Startup?
As defined by Investopedia “a startup is a young company that is just beginning to develop.” Startups begin to grow either because the founders have come up with a unique solution with a product or service.
Many times the startups aim to provide a more efficient way around recreating and distributing a product or service that is already a business.
To become a successful startup, you must execute the right idea, in the right direction, at the right time. When these three elements work in sync, the output increases, the customer base expands, and the company automatically starts to grow exponentially.
Why do certain start-ups succeed when others fail?
Looking deeply into what does and doesn’t work for a startup, you will find that there is a lot more to a startup’s success than plain good luck and excellent conditions. Favourable conditions and good luck are only a small part of the business.
To make your startup succeed you will need to have:
- Idea that is exciting, effective, and feasible.
- Hard-working team and experienced employees.
- Ability to foresee future trends and adapt quickly to the ever-changing business environment.
- Presence of experienced mentors who can seamlessly guide the team through tough times.
- Building a workplace that values purpose before profits.
Failures, on the other hand, can be the cause of the following reasons:
- Quitting too early in the process.
- Running out of money.
- Conceiving a wrong notion about the market such as incorrect pricing, unsuitable market, late in execution, etc.
- Afraid of taking risks, experimenting, and diving all forces in one
- Fearful of changes and inability to adapt.
How did India utilize its resources to become a startup hub?
India is a young country with 65 per cent of its population falling under the age group of 25 to 35 years. The rise of startups in India slow after a global recession hit the world in 2008, the first startup in India began to take shape.
The Great Recession caused businesses to lay off employees in large numbers and reallocate their resources. In India, it mostly affected sector was the IT industry, where people grew extremely fearful for their jobs. This fear, along with an insatiable aspiration to prove one’s expertise, revived the young nation. It didn’t take the aspiring entrepreneurs long to figure out a solution and rise above the challenge.
The Startup Ecosystem in India as it is TODAY.
Startups are well-known in India for their flexible work culture and transparent work environment. According to a survey performed by Inc 42, India has more than 6,000 startups, and 44 % of these startups are based in Tier II and Tier III cities which gives them great opportunities to grow. Today, India is the second-largest startup ecosystem in the world.
The major factors that make India one of the most startup-friendly nations in the world are:
- Cost of running a business is reasonably low.
- Customers and vendors live in close proximity.
- With 70 lakh graduates passing out every year, the size of the domestic market is very fruitful.
- More than 50% of the population has access to the internet in India.
- Reverse flow of talent
- The vision of entrepreneurship are seeping into Indian culture.
- More individuals have started to dissociate themselves from the more prominent brands and big corporations.
To grow as a startup, you can always learn and implement the strategies of a successful business. Here is a list of 5 Indian startups that have done exceptionally well for their size and age.
- Milkbasket:A company thatdelivers dairy products such as bread, eggs, milk, butter, juices, and other products every morning to your doorstep, free of any delivery charge.
- Epigamia:A Greek yogurt brand that has taken the yogurt shelves in India by storm.
- StoryXpress:It is an end-to-end video marketing platform that enables brands and retailers to convert their e-commerce product catalogs into videos at less time and at a lower cost as compared to traditional video production agencies.
- Forest Essentials:An essential skincare brand with its foundations based on the ancient science of Ayurveda. A pioneer in the essential Ayurveda segment, today it has become the ultimate Indian beauty brand that combines the ancient beauty ingredients of Ayurveda with a modern aesthetic.
- Paytm:India’s largest leading payment gateway that offers seamless mobile payment solutions for customers and merchants. They offer comprehensive payment services to more than 7 million merchants and allow consumers to make online payments from Cards, Bank Accounts, and other online payment platforms.
The Indian youth today are not afraid of leaving their 9 to 5 jobs. These entrepreneurs are all ready to come out of their comfort zone and attain powerful leadership roles in their businesses, cities, and globally.
The new transparent work system and freedom to share ideas is allowing the Indian culture to look into all ideas for their success. The generation of new ideas and work ethos in the workplace is the deciding factor whether or not that startup is going to succeed.
Digital Presence Today, web development company providing digital marketing solutions also began as a startup but now it provides complete web solutions that are fully customizable to your requirements. Our expertise and commitment helps us to stay on top of the rapidly changing digital marketing landscape in India. To know more, visit www.digitalpresence.today
